This has been found to work in at least 2 cases - mine and kiwijen's.
RESET while using wall charger may not work after crashing or having start-up problems (does not matter if screen is blank or has something on it from crash time) but while USB charging does - this brings back the red light. So if red light does not work then charge 3 hours on the wall charger then disconnect that and charge on USB and reset.
This may bring your 505 back to life.
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